YTCO(SH:600066) GUOTAI HAITONG SECURITIES·2026-03-31 14:56Investment Rating - The report maintains a "Buy" rating for Yutong Bus with a target price of 48.71 CNY [5][11]. Core Insights - Yutong Bus reported revenue and profit growth for 2025, with total revenue reaching 41.43 billion CNY, a year-on-year increase of 11.3%. The net profit attributable to shareholders was 5.55 billion CNY, up 34.9% year-on-year [2][11]. - The company continues to lead the industry in large and medium bus exports, with the proportion of new energy vehicle exports reaching a new high [2][11]. - A high dividend payout ratio is maintained, with a proposed cash dividend of 2 CNY per share, totaling 4.43 billion CNY, which represents 99.65% of the net profit attributable to shareholders for the year [11]. Financial Summary - Total revenue for 2025 was 41,426 million CNY, with a growth rate of 11.3% compared to 2024. The net profit attributable to shareholders was 5,554 million CNY, reflecting a 34.9% increase [4][11]. - The gross profit margin for 2025 was 24.1%, an increase of 1.2 percentage points year-on-year, while the net profit margin was 13.6%, up 2.4 percentage points [11]. - The return on equity (ROE) for 2025 was 35.6%, an increase of 4.9 percentage points from the previous year [4][11]. Export Performance - In 2025, the total export volume of the bus industry was 78,000 units, a year-on-year increase of 26.7%, with an export share of 41.0%, up 7.9 percentage points [11]. - Yutong Bus exported 17,000 units of buses over 3.5 meters, achieving a market share of 21.90%, with new energy bus exports reaching 4,011 units, a growth of 48.56% year-on-year [11]. Dividend Policy - Yutong Bus proposed a cash dividend of 2 CNY per share, with total cash dividends amounting to 55.3 billion CNY, which is 99.65% of the net profit attributable to shareholders [11].